Majority of Ghanaian businesses are collapsing – survey

A survey conducted by the College of Community and Organisation Development (CCOD), a Sunyani-based Technical University, reveals that four out of every five private business organization in the country collapses by the fifth year of its operation.

The survey conducted in Brong-Ahafo, Ashanti, Greater Accra and Western Regions, attributed the collapse to poor managerial skills and lack of strategic leadership development.

Mr Gabriel Gbiel Benarkuu, the President of the College disclosed on Tuesday, when the University of Development Studies and the College signed an affiliation agreement at the University’s campus in the Tamale Metropolis.

The three-year renewable agreement enables the college to run BSC and MSC in Organisational Development (OD), Professional Certificate in OD, Advanced Certificate in OD Certified Consultant and other professional courses.

Mr Benarkuu said the survey showed that many young entrepreneurs rushed to set-up their businesses without critically studying and examining the potential economic prospects of those businesses.

Mr Benarkuu appreciated the partnership, and said, he was optimistic that it would be strengthened for their mutual benefit.

He said the college had other partners in the United States of America, Nigeria, Kenya and Zambia and focused on strategic leadership development and facilitated Organisation Development programmes for professionals and the academia.

Professor Gabriel A Teye, the Pro Vice Chancellor of the UDS, commended the college for meeting the affiliation requirements.

He explained that under the agreement UDS would mentor and award its certificate to the students at the college.

Prof Teye charged the College authorities to adhere to regulations and rules contained in the affiliation, and warned that the university would not hesitate to terminate the agreement, if it failed to operate under required standards